
Rupees are Bad, But India is Better than Peers: Piyush Goyal’s Take on the IT-BT Budget Round Table 2025
At the latest IT-BT (Information Technology-Biotechnology) Budget Round Table, Minister of Commerce and Industry Piyush Goyal stirred up a mix of curiosity and criticisms with his unexpected remarks on the Indian rupee. Speaking at the event, Goyal emphatically stated that while the Indian rupee might be experiencing a tough time, it is still better off compared to its peers globally.
In the face of rising inflation and depreciating rupee, many expected Goyal to offer solutions to boost the currency’s value. Instead, he defied expectations by saying, "We are doing relatively better than others in terms of rupee depreciation. So, while rupees are bad, India is better off compared to many other countries."
This assertion has raised eyebrows, with some experts questioning the logic behind his statement. "How can the Minister justify such a claim when the rupee has been depreciating at a worrisome rate?" asked Dr. Rakesh Mohan, a renowned economist. "The rupee’s weakness has left a significant impact on the economy, making imports more expensive and inflation a pressing concern," he added.
Despite the criticism, Goyal stood firm in his statement, attributing the rupee’s relative strength to the country’s software and IT sector. "Our IT sector has been a major contributor to the economy, and its growth is a clear indication of our resilience. Yes, the rupee might be fluctuating, but India’s fundamentals are strong, and we are better off than many other major economies."
Goyal’s assertion drew attention to India’s recent growth trajectory, citing the country’s impressive digital transformation, increased foreign investments, and the emergence of the startup ecosystem. "India is now a favorite among investors, and our tech sector is a major reason for this," he said. "We are witnessing unprecedented growth in areas like e-commerce, fintech, and artificial intelligence, which are creating new opportunities for employment and economic growth."
Industry experts, such as Dr. Rakesh Agrawal, CEO of the Indian Software and Services Companies (ISSS), agree with Goyal’s assessment. "While the rupee’s volatility is a concern, our software sector has shown remarkable resilience. With the government’s support, we are excited about the opportunities unfolding in areas like AI, blockchain, and cybersecurity."
Goyal’s statement, though met with skepticism by some, highlights the government’s broader strategy to boost economic growth through IT and related sectors. As India continues to navigate the global economy’s tumultuous landscape, the Minister’s message is clear: despite challenges, India is not only surviving but thriving. By focusing on homegrown innovation and expertise, the country can emerge stronger and more competitive in the years to come.
In conclusion, while Goyal’s assertion about the Indian rupee might have raised eyebrows, his bigger point resonates with those invested in India’s progress. As India’s IT and BT sectors continue to drive growth and innovation, the country’s economic prospects remain promising. With the right mix of government support, private sector investments, and homegrown talent, India can indeed become the beacon of technological progress that Goyal envisions.